GRGTEST(SZ:002967) Soochow Securities·2025-07-12 11:54Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is expected to achieve a year-on-year increase in net profit attributable to shareholders of 20% in the first half of 2025, driven by strategic transformation and policy support [3][4] - The company is focusing on sectors such as special industries, new energy vehicles, aerospace, and integrated circuits, benefiting from the release of downstream technological innovation demand [3] - Recent government policies are expected to enhance the measurement capabilities in the manufacturing sector, providing strategic development opportunities for the industry [4] Financial Performance Summary - For the first half of 2025, the company anticipates total revenue between 1.45 billion to 1.50 billion yuan, representing a year-on-year growth of 7.9% to 11.6% [3] - The net profit attributable to shareholders is projected to be between 95 million to 100 million yuan, reflecting a year-on-year increase of 19.2% to 25.5% [3] - The company’s revenue for Q2 2025 is expected to be between 830 million to 880 million yuan, with a year-on-year growth of 10.1% to 16.7% [3] Strategic Development - The company is transitioning from a comprehensive testing institution to focusing on physical testing services that support national industrial strategies and technological innovation [5] - A significant investment of 330 million yuan is planned for laboratory technology upgrades, indicating confidence in future growth [5] - The management has shifted its focus from revenue to profit-oriented assessments, enhancing operational efficiency and significantly increasing per capita profit [5]